If you can’t beat them, buy them. It would be the saying of the thinkers of Avast Software, security software company has disbursed 1,300 million dollars (about $1.3 billion) to buy rival AVG Technologies. AVG company has also its own antivirus and security softwares like AntiSpam, AntiSpyware, etc.
“This combination is great for our users. We will have over 250 million PC/Mac users enabling us to gather even more threat data to improve the protection to our users,” said Gary Kovacs, CEO of AVG in a statement.
The arrangement will give Avast access to more than 400 million “endpoints,” or devices running its and AVG’s product, 160 million of them phones or tablets, the organization said Tuesday. The company plans to fund the transaction using cash on hand and debt financing. Avast has received financing commitment of $1.685 billion from Credit Suisse Securities, Jefferies and UBS Investment Bank, it said.
Avast, which provides its antivirus and security software as free for personal computers and mobile devices and paid for companies, says that it protects more than 230 million users worldwide. Avast had made its initial public offering in 2012, but the sale was canceled due to market conditions.